Asiamet Resources Limited Statement Re Feasibility Study Initiated
25 May 2016 - 4:01PM
UK Regulatory
TIDMARS
Asiamet Strengthens Finances and Initiates BKM Feasibility Study
VANCOUVER, British Columbia, May 25, 2016 (GLOBE NEWSWIRE) -- Asiamet
Resources Limited ("ARS" or the "Company") is pleased to announce that
it has commenced a Resource definition drilling program at the Beruang
Kanan Main ("BKM") copper deposit in Central Kalimantan, Indonesia as
part of the BKM Feasibility Studies. The Company plans to drill
approximately 110 diamond drill holes totaling 9,000 meters to
significantly enhance Resource confidence and upgrade a majority of the
current Inferred Resource of 49.7million tonnes grading 0.6% Cu
containing 657 million pounds of copper at 0.2% reporting cut, to the
Measured and Indicated Resource categories. Indicated Resources at BKM
currently contain 231MIbs in 15.0M tonnes grading 0.7% Cu at a 0.2%
reporting cut. Only Measured and Indicated Resources can be considered
for conversion to Mineable Ore Reserves in the Feasibility Study.
Results will be reported progressively as they become available and an
updated Resource estimate is expected before the end of Q3, 2016.
Additional work programs also being initiated as part of the Feasibility
Studies include:
-- geotechnical drilling to define pit-slope stability and aid open pit mine
design
-- large diameter (PQ) drilling to collect samples from across and through
the deposit for detailed metallurgical test work and mine waste
characterization studies.
-- detailed metallurgical studies comprising short and long column leach
tests on a suite of representative mineralized composites to determine
optimum copper recoveries, assess deposit variability and provide inputs
into the mine and process plant design;
-- environmental and water resources studies and permitting applications
Asiamet also advises that following on from a recently completed private
placement of GBP1.5m (approximately CAD 2.7m), the Company's financial
position has been further strengthened by the receipt of tax refunds
totaling approximately USD1.0m from the Indonesian Government tax
department. The refunds relate to tax payments (VAT) made by the Company
for various goods and services in the years 2006, 2007, 2013 and 2014.
Payments were received on April 26 and May 19, 2016, respectively.
The Company is now in a sound financial position to significantly
advance feasibility studies on the BKM copper project, complete drilling
aimed at further expanding Resources in the BKM project area and subject
to receipt of the necessary permits, drill test high grade polymetallic
mineralization at the Baroi prospect. A number of corporate initiatives
aimed at further strengthening the company's project delivery capability
and financial position are being advanced simultaneously with the
project work programs.
Asiamet Resources CEO Tony Manini commented
" Following completion of a highly positive preliminary economic
assessment ("PEA") for the BKM project and recent initiatives that
strengthen our financial position, Asiamet has initiated feasibility
studies for the development of a heap leach SX-EW copper mine at the BKM
project. Feasibility studies will cover a broad range of technical,
commercial, financial, social and environmental inputs in detail and
represent a major and critically important phase of de-risking for the
project, the outcomes of which will be used by a wide range of
stakeholders, including potential financiers, to assess the project's
viability. As the feasibility work programs on BKM are being progressed
by the study team, exploration drilling aimed at expanding the Resource
base and testing some additional high grade copper and polymetallic
targets will progress with high expectations for success. Simultaneously
important corporate initiatives to further strengthen the Company's
financial position and enhance shareholder value are being vigorously
pursued. We look forward to providing all our stakeholders with regular
updates and a strong news flow during this exciting next stage of the
Company's development"
Qualified Person
Data disclosed in this press release have been reviewed and verified by
ARS's qualified person, Stephen Hughes, P. Geo, Vice President
Exploration of the Company and a Qualified Person within the meaning of
NI 43-101 and for the purposes of the AIM Rules.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
For further information please contact:
-Ends-
Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com / Mehrdad@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on
the Company's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that certain
events or conditions "may" or "will" occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others:
the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to
be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are
not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Asiamet Resources Limited via Globenewswire
HUG#2015216
http://www.asiametresources.com
(END) Dow Jones Newswires
May 25, 2016 02:01 ET (06:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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